The media is in the hands of the Banksters, obviously. There’s a financial crises, car plants are closing right and left, employment is way down, home prices are at a nadir, and what causes a downturn in the stock market, according to Wall Street Journal and Reuters..?
Obama. Right. How can they getting away with this completely unproven assertion? Simple: Americans are sheep.
Stock markets have fallen sharply in response to far-reaching plans by Barack Obama to curb the activities of the biggest US banks.
The Dow Jones closed down 2%, its worst fall since October, while Japan’s Nikkei was down early on Friday.
Shares in major US banks Goldman Sachs, JP Morgan and Bank of America all fell.
Mr Obama – who said he was “ready for a fight” with banks – plans to limit the size of banks and impose restrictions on risky trading.
“Never again will the American taxpayer be held hostage by banks that are too big to fail,” Mr Obama said.
Of course when it is the auto industry that is hurting it is ascribed to the “current business environment” as if that business environment had just materialized right out of thin air, and the repeal of the Glass-Steagall Banking Act of 1933 by the business elites in 1999 had nothing whatsoever to do with the current business environment, right?
General Motors (GM) has confirmed it will close a Belgian plant at its European arm Opel, cutting 2,300 jobs.
The CSC metalworkers’ union said the carmaker had told staff it would shut down its factory in Antwerp.
“It is the tough reality of the current business environment,” Opel president Nick Reilly said.
So, let’s get this straight: if an autoworker is out of a job, it is a tough business environment.* If, though, a Bankster has his bonus threatened, he should destroy the economy. After all that is what the economy is for: generating bonuses for banksters. Too bad if you thought the economy should provide jobs for autoworkers or universal healthcare. You see those things are evil.
* And that is probably the autoworker’s fault anyway, as he had the chutzpah to join a union. It is an unwritten rule of journalism to always mention the word ‘union’ in the first 30 words of a story about an auto plant closing. It is forbidden, of course, to use phrases like ‘poor management,’ ‘bad design,’ ‘poor fuel economy,’ anywhere at all in a story of a plant closing, as that might lead someone to the erroneous (and forbidden) conclusion that those failings could ever lead to a plant closing.